The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday announced a hold on all its monetary policy to monitor economic developments in the near future.
The MPC retain the Monetary Policy Rate (MPR) at 27.5%, following its 300th Monetary Policy Committee (MPC) meeting held in Abuja.
This was disclosed by the apex bank’s Governor Olayemi Cardoso during the post-MPC press briefing on Tuesday.
According to Cardoso, consideration is to enable a better understanding of near-term developments.”
The CBN highlighted the recent moderation in Nigeria’s inflation rate, which eased to 23.71% in April 20& 25 from 24.23% in March, according to the latest data from the National Bureau of Statistics.
Key i decisions Of the MPC:
*Retain the MPR at 27.50 per cent
*Retain the asymmetric corridor around the MPR at +500/-100 basis points
*Retain the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent and Merchant Banks at 16 per cent
Retain the Liquidity Ratio at 30.00 per cent
